Spreading word about your business
Getting the word out about your small business takes a lot of work. You start out by enlisting the help of close friends, family members, and current and previous business associates. But soon that isn’t enough to get you to your end goal—a solid professional reputation and an increased profit. While there are thousands of ways to advertise your business, there are often monetary constraints for small business pros. Even with these constraints and limitations, small businesses can effectively market their brands through cross-promotion with other, complementary small businesses.
Display print collateral – One of the simplest ways to cross-promote is by displaying or distributing print collateral—brochures, calendars, business cards, and flyers—in a waiting room, next to the cash register, or mailed with statements, invoices, or business correspondence. When you’ve found the right business—or several businesses—to pair with, trade printed material. This will ensure that your business is made visible to potential customers, customers that would ultimately benefit from your products or services. If you’re looking for a low-friction way of cross-promoting your brand, this is it.
Co-sponsor an event – This will allow you to cut your event costs in half, and it ensures you get the other company’s audience and customers in attendance, which will only benefit your company’s marketing efforts and outreach. Depending on the nature of your business, you can choose to hold a local, national, or even online event geared toward your target audience. Whichever you choose, make sure all companies with which you’re cross-promoting have equal visibility. This will strengthen your professional relationships now so they can still be of use to you in the future.
Start a referral program – Offer discounts or rewards for those customers who refer business to your partner’s store and vice versa. This is a fantastic way to create a network of consumers. Remember, again, this only works if you cross-promote a complementary business rather than a competing one. The latter is rarely a good idea. A referral program will encourage your customers to spread the word about your business and your cross-promotion partner’s business. Everyone benefits.
Swap mailing lists – While this effort obviously gives you even more potential customers, the ethics of such an act continues to be debated. After all, haven’t we all been annoyed when we’ve discovered a company has sold or traded our information? Instead of swapping all the information on your mailing lists, you can provide your current customers and clients the option of being contacted by a partner or affiliate. Alternatively, featuring a peripheral business to yours on mailers to your clients while being featured on mailers to their clients is a common method for this type of swap. This will keep your professional reputation unsoiled and give you the opportunity to lengthen your own mailing list.
Trade online content – While this type of cross-promotion requires a lot of valuable time in creating the content, it’s one of the most beneficial ways to market your brand on a small budget—or even if you have a large budget, for that matter. Write a guest blog post, general website content, or informative, on-topic articles. This online content can help establish your reputation as being knowledgeable in your field or industry. If you can write content that is informative and valuable, you’ll have a stream of users checking out your site, too. The challenge here is in finding like partners that would mutually benefit.
Offer a workshop or educational class – You and your cross-promotion partner can hold an educational workshop or class that’s related to your industry. Each of you—or a representative of your business—should speak or teach a class, but also include other guest speakers or teachers. The more valuable information you provide to the attendees, the more in-demand your workshop or class will be. Having as many influential “experts” involved will only increase the hype of your educational event.
Share valuable office space – Just as tax accountants temporarily take up residence in major grocery stores during tax season, consider sharing valuable office space with your partner, and vice versa. It can be a small office, booth, or even right outside the front door. Hand out brochures, business cards, and be available to answer questions or to pass out free samples. This method can be more effective than just having your partner display your print collateral, because your potential customers can put a face to a brand, which makes your business more relatable and personable. It doesn’t matter if you set up one of your employees there permanently or you only use some space a few times a month, this is a great way to network with your target audience.
Cross-promotion is an easy way to market your business directly to the right consumers and while sticking to your marketing budget. Partnering with a complementary business expands your professional outreach, betters your reputation in your industry, and puts you in contact with the right people at the right time. Consider your cross-promotion options carefully and be selective about potential partners, as the wrong partner can have as much of an impact on your business as the right one.
Amazon attracts advertisers from Facebook after Apple privacy alterations
(MARKETING) After Apple’s privacy features unveil, Amazon adapts by taking a unique approach to targeting, disrupting revenue for the ad giant Facebook.
As a de facto search engine of its own persuasion, Amazon has been poaching ad revenue from Google for some time. However, disrupting the revenue stream from their most recent victim – Facebook – is going to turn some heads.
According to Bloomberg, Apple’s recent privacy additions to products such as iPhones are largely responsible for the shift in ad spending. While platforms like Facebook and Instagram were originally goldmines for advertisers, these privacy features prevent tracking for targeting – a crucial aspect in any marketing campaign.
Internet privacy has been featured heavily in tech conversations for the last several years, and with Chrome phasing out third-party cookies, along with Safari and Firefox introducing roughly analogous policies, social media advertising is bound to become less useful as tracking strategies struggle to keep up with the aforementioned changes.
However, Amazon’s wide user base and separate categorization from social media companies makes it a clear alternative to the Facebook family, which is perhaps why Facebook advertisers are starting to jump ship in an effort to preserve their profits.
This is the premise behind the decision to reduce the Facebook ad spending of Vanity Planet by 22%, a home spa vendor, while facilitating a transition to Amazon. “We have inventory…and the biggest place we are growing is Amazon,” says Alex Dastmalchi, the entrepreneur who runs Vanity Planet.
That gap will only widen with Apple’s new privacy features. Bloomberg reports that when asked in June if they would consent to having their internet activity tracked, only one in four iPhone users did so; this makes it substantially harder for the ad campaigns unique to Facebook to target prospective buyers.
It also means that Amazon, having demonstrated a profound effectiveness in targeting individuals both pre- and post-purchase, stands to gain more than its fair share of sellers flocking to promote their products.
Jens Nicolaysen, co-founder of Shinesty (an eccentric underwear company), affirms the value that Amazon holds for sellers while acknowledging that it isn’t a perfect substitute for social media. While Nicolaysen laments the loss of the somewhat random introduction charm inherent on Instagram, he also believes in the power of brand loyalty, especially on a platform as high-profile as Amazon. “The bigger you are, the more you lose by not having any presence on Amazon,” he explains.
As privacy restrictions continue to ramp up in the coming months, it will be interesting to see how social media advertising evolves to keep up with this trend; it seems naive to assume that Amazon will replace Facebook’s ads entirely, tracking or no tracking.
How many hours of the work week are actually efficient?
(BUSINESS MARKETING) Working more for that paycheck, more hours each week, on the weekends, on holidays can actually hurt productivity. So don’t do that, stay efficient.
Social media is always flooded with promises to get in shape, eat healthier and… hustle?
In hustle culture, it seems as though there’s no such thing as too much work. Nights, weekends and holidays are really just more time to be pushing towards your dreams and hobbies are just side hustles waiting to be monetized. Plus, with freelancing on the rise, there really is nothing stopping someone from making the most out of their 24 hours.
Hustle culture will have you believe that a full-time job isn’t enough. Is that true?
Although it’s a bit outdated, Gallup’s 2014 report on full-time US workers gives us an alarming glimpse into the effects of the hustle. For starters, 50% of full-time workers reported working over 40 hours a week – in fact, the average weekly hours for salaried employees was up to 49 hours.
So, what’s the deal with 40 hours anyway? The 40 hour work-week actually started with labor rights activists in the 1800s pushing for an 8 hour workday. In 1817, Robert Owen, a Welsh activist, reasoned this workday provided: “eight hours labor, eight hours recreation, eight hours rest.”
If you do the math, that’s a whopping 66% of the day devoted to personal needs, rather than labor!
Of course, it’s only natural to be skeptical of logic from two centuries ago coloring the way we do business in the 21st century. For starters, there’s plenty of labor to be done outside of the labor you’re paid to do. Meal prep, house cleaning, child care… that’s all work that needs to be done. It’s also all work that some of your favorite influencers are paying to get done while they pursue the “hustle.” For the average human, that would all be additional work to fall in the ‘recreation’ category.
But I digress. Is 40 hours a week really enough in the modern age? After all, average hours in the United States have increased.
Well… probably not. In fact, when hours are reduced (France, for instance, limited maximum hours to 35 hours a week, instead of 40), workers are not only more likely to be healthier and happier, but more efficient and less likely to miss work!
So, instead of following through with the goal to work more this year, maybe consider slowing the hustle. It might actually be more effective in the long run!
This story was first published in January 2020.
Jack of all trades vs. specialized expert – which are you?
(BUSINESS MARKETING) It may feel tough to decide if you want to be a jack of all trades or have an area of expertise at work. There are reasons to decide either route.
When mulling over your career trajectory, you might ask yourself if you should be a jack of all trades or a specific expert. Well, it’s important to think about where you started. When you were eight years old, what did you want to be when you grew up? Teacher? Doctor? Lawyer? Video Game Developer? Those are common answers when you are eight years old as they are based on professionals that you probably interact with regularly (ok, maybe not lawyers but you may have watched LA Law, Law & Order or Suits and maybe played some video games – nod to Atari, Nintendo and Sega).
We eventually chose what areas of work to gain skills in and/or what major to pursue in college. To shed some light on what has changed in the last couple of decades:
Business, Engineering, Healthcare and Technology job titles have grown immensely in the last 20 years. For example, here are 9 job titles that didn’t exist 20 years ago in Business:
- Online Community Manager
- Virtual Assistant
- Digital Marketing Expert
- SEO Specialist
- App Developer
- Web Analyst
- Social Media Manager
- UX Designer
We know that job opportunities have grown to include new technologies, Artificial Intelligence, Augmented Reality, consumer-generated content, instant gratification, gig economy and freelance, as well as many super-secret products and services that may be focused on the B2B market, government and/or military that we average consumers may not know about.
According to the 2019 Bureau of Labor Statistics after doing a survey of baby boomers, the average number of jobs in a lifetime is 12. That number is likely on the rise with generations after the Baby Boomers. Many people are moving away from hometowns and cousins they have grown up with.
The Balance Careers suggests that our careers and number of jobs we hold also vary throughout our lifetimes and our race is even a factor. “A worker’s age impacted the number of jobs that they held in any period. Workers held an average of 5.7 jobs during the six-year period when they were 18 to 24 years old. However, the number of jobs held declined with age. Workers had an average of 4.5 jobs when they were 25 to 34 years old, and 2.9 jobs when they were 35 to 44 years old. During the most established phase of many workers’ careers, ages 45 to 52, they held only an average of 1.9 jobs.”
In order to decide what you want to be, may we suggest asking yourself these questions:
- Should you work to be an expert or a jack of all trades?
- Where are you are at in your career and how have your skills progressed?
- Are you happy focusing in on one area or do you find yourself bored easily?
- What are your largest priorities today (Work? Family? Health? Caring for an aging parent or young children?)
If you take the Gallup CliftonStrengths test and are able to read the details about your top five strengths, Gallup suggests that it’s better to double down and grown your strengths versus trying to overcompensate on your weaknesses.
The thing is, usually if you work at a startup, small business or new division, you are often wearing many hats and it can force you to be a jack of all trades. If you are at a larger organization which equals more resources, there may be clearer lines of your job roles and responsibilities versus “the other departments”. This is where it seems there are skills that none of us can avoid. According to LinkedIn Learning, the top five soft skills in demand from 2020 are:
- Emotional Intelligence
The top 10 hard skills are:
- Cloud Computing
- Analytical Reasoning
- Artificial Intelligence
- UX Design
- Business Analysis
- Affiliate Marketing
- Scientific Computing
- Video Production
There will be some folks that dive deep into certain areas that are super fascinating to them and they want to know everything about – as well as the excitement of becoming an “expert”. There are some folks that like to constantly evolve and try new things but not dig too deep and have a brief awareness of more areas. It looks safe to say that we all need to be flexible and adaptable.
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